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The regulator proposes to bring these regulations under a single framework, which will provide for the licensing, regulation and supervision of all payments services, including stored value facility holders, remittance companies, and virtual currency intermediaries.

Entities will only be required to apply for a single licence to undertake several payment activities, it added.

The proposed National Payments Council aims to coordinate key initiatives such as promoting interoperability and adopting common standards among payment solutions, such as cheques, fund transfers, stored value facilities, credit and debit cards and internet-based payment platforms.

MAS deputy managing director Jacqueline Loh said: “Payments is one of the key components of FinTech and serves as a foundation for our vision of a Smart Financial Centre.

“This public consultation is an important step for MAS and the payments industry to co-create the future of Singapore’s payments landscape; one where payments are swift, simple, and secure, supported by streamlined regulation and inclusive governance.”

The public consultation, which is the first in a series of consultations on the proposed regulatory framework, will last from 25 August 2016 to 31 October 2016.